Marketing mix for success - Price - MEC workshop

Marketing mix for success – Price

marketing mix for success 4P's

3- Price

The price of your product | service is basically the amount that a customer pays for it. Price is a very important component of the marketing mix definition.

It is also a very important component of a marketing plan as it determines your profit and loss

Having the right price tag can be of a great impact on the overall marketing strategy as well as affecting your sales and customer demand of your product | service

If you are a startup and you have not made a name for yourself yet, it is unlikely that your target market will be willing to pay a high price.

Pricing always help shape the perception of your product | service in customer’s eyes

When setting your price tag, you should consider the perceived value that your product offers | service offers  

Below are important pricing strategies

  • Market penetration pricing
  • Market skimming pricing

Ask yourself these questions when setting your product |service price

  1. How much did it cost you to produce the product | service?
  2. What is the customers’ perceived product | service value?
  3. Do you think that the slight price decrease could significantly increase your market share?
  4. Can the current price of the product | service keep up with the price of the product’s | service’s competitors?

Share with us your answer so we can help you in having the right marketing mix

Stay tuned for our next post as we share the 4th P for marketing success –  Promotion